Bio-Imaging Market by Technology (Molecular Technology, Medical Technology), End-User (Hospitals, Diagnostic Centers), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, June 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global bio-imaging market is expected to grow from USD 5.27 billion in 2020 to USD 16.68 billion by 2028, at a CAGR of 15.5% during the forecast period 2021-2028.
The worldwide bio-imaging market has a lot of room to develop in the next few years, as this technology may turn into a diagnostic pillar, which will lead to a lot of new breakthroughs and commercial prospects. Bioimaging techniques are seen to be promising in the fields of healthcare and biological research. Cheap, small, portable, and intuitive technologies are expected to emerge as a result of these reforms. The usage of molecular imaging technologies is expected to grow significantly during the forecast period, due to advances in biochemistry, cell biology, and computer analysis.
The field of study concerned with structural & functional pictures of human bodies is known as bio-imaging. It employs a variety of technologies and approaches to recreate a molecular picture of human tissues and their architecture. Using sophisticated imaging techniques, this technology can diagnose, cure, and prevent illnesses. As a result, medical bio-imaging technology is used to examine and diagnose a wide range of disorders. It also contributes to the creation of a general database of living body physiology and anatomy that may be used in future scientific projects.
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With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the bio-imaging market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market.
Key players operating in the global bio-imaging market include Bayer , Bracco Imaging, Esaote, FONAR, Digirad, GE Healthcare, Hitachi, Hologic , Lantheus, Mindray, and Medtronic , among others. To gain a significant market share in the global bio-imaging market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Medtronic and Hologic are some of the biggest players in bio-imaging in the global market.
Medical technology dominated the market and held the largest market share of 62.8% in the year 2020
Based on technology, the global market has been segmented into molecular technology and medical technology. Medical technology dominated the market and held the largest market share of 62.8% in the year 2020. Medical technology is described as the use of science to discover answers to health challenges and problems, such as illness prevention or delay, or the encouragement and management of good health. Medical technology is a crucial strategic aspect in the hospital's positioning and perception in the dynamic healthcare industry. Every year, a slew of exciting new biomedical gadgets and systems are unveiled. They're being implemented at a time when hospitals are under increasing pressure to save costs. As a result, projecting medical technology deployment and the ability to continually analyze its impact on the hospital necessitates the hospital's willingness to commit to and fund such a program. The medical technology segment consists of, magnetic resonance imaging, radiological imaging, optical imaging, and ultrasound imaging. The molecular technology segment is made up of nano bio-imaging, biomarkers, and molecular probes.
Hospitals dominated the market and held the largest market share of 75.3% in the year 2020
On the basis of end-user, the bio-imaging market has been divided into hospitals and diagnostic centers. Hospitals dominated the market and held the largest market share of 75.3% in the year 2020. The hospitals segment held the majority share due to its large scale, strong financial capabilities, and broad range of services.
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Regional Segment Analysis of the Bio-Imaging Market
On the basis of geography, the global bio-imaging market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 41.6% in the year 2020 and is anticipated to grow throughout the projected period. Because of the strong adoption of new technologies, North America is estimated to lead the sector, followed by Europe. Growth in these areas is expected to be fuelled by an increase in the number of hospitals. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. Due to the rising demand for healthcare systems, emerging nations such as China and India are likely to be important prospective markets for this technology throughout the forecast period. In addition, a rise in medical tourism to take advantage of low-cost care is predicted to boost demand in the developing world. Over the, Japan's bio-imaging market is expected to rise significantly. The market report covers all major countries including U.S., China, Canada, India, Germany, Japan, France, Indonesia, Brazil, U.K., Russia, Italy, South Korea, Taiwan, Australia, Thailand, Philippines, Malaysia, Vietnam, Mexico, Saudi Arabia, Turkey, U.A.E, etc.
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About the report:
The global bio-imaging market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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